And today, The New York Times reports, “Mr. Obama will be delivering the opening salvo in a White House effort to argue that government bailouts, now the most charged phrase in the political lexicon, actually worked in the case of the auto industry” when he visits a GM plant in Michigan today. He’ll be doing so “as the majority shareholder surveying the government’s investment in a company the White House called ‘moribund’ just 18 months ago” and defending a bailout that poured over $60 billion of taxpayer money into GM and Chrysler. According to the AP, “The most recent government estimate found that taxpayers will lose $24.3 billion on the auto bailout.”

But the auto industry is not the only place the Obama administration is doubling down on bailouts today. The Wall Street Journal editors write, “President Obama has been trying to rebut the claim that he’s antibusiness by promoting something called the Small Business Jobs Act, which would provide loans and temporary tax cuts to small businesses. If you’ve been paying attention over the last 18 months, you’re probably asking, what’s the catch?” “[T]he most expensive provision of the bill,” the WSJ editors explain, “creates a new Small Business Lending Fund.” This fund, the editors point out, may as well be the “Son of TARP”: “Hard as it is to believe, the fund would operate as a new TARP program in which Uncle Sam would take an ownership stake in small banks. The bill authorizes Treasury to purchase up to $30 billion of stock in small, community banks across the country. The banks in turn would agree to issue as much as $300 billion in loans to small businesses that they wouldn’t otherwise lend to. You can bet that many businesses that get the loans will be engaged in not very profitable, but politically correct activities, such as diversity investing and renewable energy. Sound at all like subprime mortgage loans?”

Tom is a US Navy Veteran, owns an Insurance Agency and is currently an IT Manager for a Virginia Distributor. He has been published in American Thinker, currently writes for the Richmond Examiner as well as Virginia Right! Blog.
Tom lives in Hanover County, Va and is involved in politics at every level and is a Recovering Republican who has finally had enough of the War on Conservatives in progress with the Leadership of the GOP on a National Level.